Compared to April, exports value of goods at current prices dropped by 11.7%, and imports value of goods dropped by 7.2% in May 2015. That month, Latvia exported goods in the amount of 797.6 million euros, and imported – in the amount of 985.8 million euros.
Foreign trade balance worsened, as exports in total foreign trade value declined to 44.7% (in April 2015 – 46.0%), according to data from the Central Statistical Bureau of Latvia.
The main changes in exports in May, compared to April: exports of wood and articles of wood declined by 27.4 million euros or 16.6%; exports of textiles and textile articles fell by 20.0 million euros or 44.4%; exports of products of the chemical and allied industries dropped by 15.9 million euros or 22.6%; exports of machinery and mechanical appliances; electrical equipment fell by 9.8 million euros or 5.9%; exports of vehicles and associated transport equipment dropped by 8.4 million euros or 21.7%; exports of basic metals and articles of basic metals grew by 2.9 million euros or 3.4%.
The main changes in imports in May, compared to April: imports of textiles and textile articles decreased by 20.2 million euros or 36.7%; imports of products of the chemical and allied industries declined by 14.2 million euros or 11.5%; imports of mineral products dropped by 10.3 million euros or 8.3%; imports of machinery and mechanical appliances; electrical equipment declined by 9.6 million euros or 4.1%; imports of vegetable products decreased by 8.7 million euros or 17.1%; imports of prepared foodstuffs increased by 2.5 million euros or 3.4%.
In May main export partners were Lithuania (20.1% of total export), Estonia (11.4%), Germany (6.0%) and the United Kingdom (5.9%); main import partners were Lithuania (18.3% of total import), Poland (11.5%), Germany (10.6%) and Estonia (7.6%).
The main partner in trade with third countries was Russia, the share of which in total Latvian exports in May accounted for 8.4%, and in imports – for 6.7%. Increase in exports of machinery and mechanical appliances in May 2015 as compared to May 2014 was affected by growth in exports of machinery for working rubber and plastics and for the manufacture of these products from 151.8 thousand euros to 7.0 million euros or 46 times (mainly exports to Russia). In turn, decline in exports of passenger cars of 9.8 million euros or 61.0% significantly influenced by decrease of the total exports of vehicles other than railway or tramway rolling stock, and parts and accessories thereof.
Growth in imports of beverages, spirits and vinegar in May 2015 as compared to May 2014 was affected by increase in imports of spirits of 6.6 million euros or 2.3 times (imports from the United Kingdom grew by 3.7 million euros, and from Ireland – by 2.6 million euros). In its turn, decline in imports of mineral fuels, mineral oils and products of their distillation was mainly influenced by decrease of imports of diesel oil by 11.1 million euros or 15.3%.